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A BILL TO BE ENTITLED
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AN ACT
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relating to disclosure by certain municipalities and counties |
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regarding participation of financial services firms and |
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consultancies that are historically underutilized businesses. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subtitle C, Title 9, Government Code, is amended |
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by adding Chapter 1254 to read as follows: |
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CHAPTER 1254. GOVERNMENT FINANCIAL SERVICES FIRMS AND |
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CONSULTANCIES |
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Sec. 1254.001. DEFINITION. In this chapter, "historically |
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underutilized business" has the meaning assigned by Section |
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2161.001. |
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Sec. 1254.002. APPLICABILITY. This chapter applies only |
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to: |
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(1) a municipality with a population of more than |
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150,000; or |
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(2) a county with a population of more than 150,000. |
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Sec. 1254.003. MINORITY REPRESENTATION DISCLOSURES AND |
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REPORT. (a) A municipality or county shall disclose to the |
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comptroller, at intervals determined by the comptroller by rule, |
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whether any of the financial services firms or consultancies |
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advising the municipality or the county regarding municipal or |
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county bonds are historically underutilized businesses. |
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(b) The comptroller shall compile the information submitted |
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under Subsection (a) and submit a report to the governor, the |
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lieutenant governor, the speaker of the house of representatives, |
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and the appropriate standing committees of the legislature, not |
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later than December 1 of each even-numbered year. |
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(c) The comptroller shall adopt rules to implement this |
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section. |
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SECTION 2. This Act takes effect September 1, 2009. |